Apr 04, 2022
Recently, Mafalda Duarte, CEO of the Climate Investment Funds (CIF), travelled to Italy and engaged in a series of talks in the G7 country. Duarte spoke with future high-level climate stakeholders and state officials about CIF’s collaboration and work with Italy. Focusing on showcasing and raising the profile of CIF, Duarte welcomed Italy as CIF's newest donor country supporting climate efforts. During the Instituto Affari Internazionali event, Gisella Berardi, Italian Deputy Director at the Ministry of Economy and Finance, officially committed funding to CIF’s Nature, People and Climate Program.
LUISS Guido Carli University
Mafalda was a guest lecturer at the LUISS Guido Carli university, one of Italy's premier foreign affairs schools, where she spoke about the role of multilateral development banks (MDBs) utilizing climate finance for a just transition to net-zero. Duarte highlighted that 75% of the global population is in middle-income and developing countries and that these countries on track to run on 70% of energy globally. Mafalda was clear, in order to solve climate change, developing countries must be involved in the energy transition, and to achieve successful net-zero economies there must be a focus on just transitions.
She spoke about CIF’s Just Transitions objectives that are present in every CIF program and look to protect vulnerable communities affected by clean energy transitions. And discussed the importance of both procedural justice - that involves engaging and empowering all groups and communities to voice their concerns, views, and suggestions - and distributional justice - that analyzes the costs and benefits of a clean energy transition and who stands to lose and gain across different regions and groups.
Instituto Affari Internazionali (IAI)
At the Istituto Affari Internazionali (IAI), Mafalda discussed how the current climate crisis, COVID, and Ukraine were widening inequality for vulnerable groups at a global level. Stressing the importance of global cooperation and collaboration, Duarte explained that sitting back and waiting for these current shocks to fade away would derail climate investments. And that exploring opportunities in emerging green markets like sustainable infrastructures had to continue at the same time.
During the IAI talk, Gisella Berardi, Deputy Director at the Italian Ministry of Economy and Finance, also spoke about the new partnership between CIF and Italy.
“Consistent with our commitment to Paris Agreement in December 2021, Italy proudly [joined] the Climate Investment Funds....and approved an allocation of €150 million [that] have been allocated to the Nature, People and Climate Program with objectives reflected the priority of the Italian G20 Presidency,” said Berardi. Recognizing CIF’s expertise in integrated and inclusive partnerships, Berardi expressed her excitement for future climate finance projects with CIF.
San Giorgio Group
Closing out in Venice, Mafalda met with key Italian financial climate sector experts to discuss CIF’s role in ensuring a just and resilient transition to net-zero. She discussed using MDB’s and other financial institutions to address key investment barriers; involving private sector investments in the clean energy transition; and utilizing climate finance at a scaled and accelerated pace to seriously address the current climate emergency.
The discussion around a just clean energy transition is growing in importance and urgency. CIF with its many programs and years of experience is working to address the transition in a comprehensive and inclusive manner. CIF programs work to help middle-income and emerging markets phase out coal and accelerate the large-scale transition to clean, sustainable energy. In each program there is a focus on a just transition, where vulnerable communities most affected by this transition are given a voice to express their concerns and needs. And, CIF utilizes all forms of financing, including private sector investments, to ensure long-term sustainable development.
